5 Sectors Slowing Job Growth

By Quentin Fottrell

Though the unemployment rate fell to 8.1% in April, according to Friday’s data, experts say the outlook would be far rosier if it weren’t for a handful of sectors dragging down job growth.

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According Bureau of Labor Statistics figures, employment rose by 115,000 last month, less than analysts expected, but they say many jobseekers will take little solace from those figures. A survey from jobs website SimplyHired.com found hiring fell in all of the top 50 major metro areas last month with Cleveland and Akron, Grand Rapids and West Palm Beach recording double-digit drops. Gautam Godhwani, the site’s CEO, says there are three people for every one job listing in the U.S. Of course, some industries were hit by massive cuts at just a few companies. Bank of America, for instance, is in the midst of cutting 30,000 consumer banking and technology jobs over three years.

There are some signs of growth, however. The legal profession and the military proved to be two bright spots for hiring, according to SimplyHired.com, with postings in those sectors up 166% and 239% respectively on the year in April. And, as SmartMoney.com reported, there are other anomalies: The number of HR jobs seems to be rising faster than overall hiring.

Here are five job sectors that continue to weigh on the overall employment picture.